Iraq’s Basra light crude is loading at a record high of more than a dollar a barrel above its official selling price thanks to strong demand in Asia, trade sources said on Tuesday.
The sources said that JXT Nippon of Japan Refining and the Indian Oil Corporation bought the shipments at a premium of about $ 1.10 a barrel above the official selling price.
Instant bonuses rose from previous levels between 40 and 50 cents after Iraqi oil marketing company Somo announced May allocations.
Some Asian refiners prefer Basrah Light and one source said Somo may have cut provisions for some buyers in May.